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Market Indicators for August 2012

The Reader’s Digest version: Inventory is down, median prices are up. (wait, does anyone really still subscribe to Reader’s Digest anymore? Was that a seriously dated pop culture reference?)

Anyway, the latest housing market data report for August 2012 from our local MLS shows some interesting data points. Single family home inventory still is down double digits from the same time last year across all counties, and median home price is very healthy compared to 2011, with double-digit percentage increases in four of five counties.

Month-over-month comparisons tell us that compared to July 2012, sales varied across the counties – from a substantial increase in Santa Cruz County, and up slightly in both Monterey and San Benito Counties, to flat in Santa Clara County, and down slightly in San Mateo County. And, compared to July 2012, median prices started to feel some slight downward pressure in Santa Cruz County, San Mateo and Santa Clara counties, but increased substantially in San Benito County and Monterey County.

MLSListings Market Data Report: August 2012

Days on Market Plummet Compared to 2011

Single family home inventory still is down double digits from the same time last year ranging anywhere from 19 to 39 percent. Santa Clara and San Mateo counties shared the largest drop at 39 percent. This is more than the national average of 31.2 percent as reported by the National Association of REALTORS®. Compared to 2011, sales were up 20 percent in Santa Cruz County, 12 percent in San Benito County, 3 percent in Santa Clara County, but Monterey and San Mateo counties are down four and two percent respectively. Median home price is very healthy when compared to 2011. San Benito prices increased 38 percent, Monterey 27 percent, Santa Cruz 17 percent, Santa Clara 12 percent, and San Mateo just 4 percent.

Sales were up a healthy 26 percent in Santa Cruz County, 10 percent in both Monterey and San Benito Counties, flat in Santa Clara County, and down 8 percent in San Mateo County. In general, days on market decreased anywhere from 23 to 39 percent in all counties because of the low inventory numbers. Compared to July 2012, median prices started to feel some downward pressure and dropped 7 percent in Santa Cruz County, 3 percent in both San Mateo and Santa Clara counties, but increased 22 percent in San Benito County and up 14 percent in Monterey County.

This entry was posted on Tuesday, September 25th, 2012 at 9:59 am and is filed under Real Estate.
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